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| What
will my long term care cost?
No one can say for certain what your long term care will cost. It depends on many factors such as length of stay, level of care, what facility you choose, etc. In Kansas, the average daily cost of a nursing home is between $80 to $100/day. That is $2400 to $3000 a month or $28,800 to $36,000 a year. Costs are rising. To meet the cost, it is wise to do some type of planning. Long Term Care Insurance frequently provides the most cost effective way of providing for yourself, maintaining your independence, enhancing your choices, and protecting your hard earned assets.
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| What
are the chances I'll enter a nursing home?
The recent National Long Term Care Survey and National Nursing Home Survey estimate that 43% of all people reaching age 65 in the U.S. will spend some time in the nursing home. It is far more likely that you will spend some time in a nursing home than be in a car wreck or have your home destroyed.
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| Doesn't
Medicare pay for nursing home care?
While there are some benefits for skilled nursing care available through Medicare, they are extremely limited. Medicare, as it is currently designed, does not cover long term care.
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| The
state will take care of it, won't they?
Medicaid, a combination state/federal program does pay the nursing home expenses of many people, BUT, it is designed for those who have little or no money. To qualify for assistance in Kansas, you have to have less than $2000.00 in liquid assets and demonstrate need in additional ways. The current application form is 27 pages long and has to be filed with the state each year. if you divest yourself of assets, just to qualify for assistance, the state can recover those assets from your family or heirs under certain circumstances. |
| Don't
Long Term Care policies cost a lot of money?
The premiums for long term care policies can seem like a lot of money depending on your age, state of health, and benefits desired, however, when compared to the potential benefits you can receive, they are quite inexpensive if you are suitable. |
| What
should I look for in a long term care policy?
You need to make sure you will receive the benefits you expect and deserve. Here is a checklist to help you: What condition must you be in to qualify for benefits? In other words what are the "benefit triggers" of the policy you are considering and how do they compare with other policies? You should understand how each condition is defined in the policy and how much assistance the insurance company requires you to have before they will pay.Who decides that care is necessary, you and your doctor, or does the policy put greater restrictions on you such as the length of time care is expected to last, etc.? How long do you have to wait for the benefits to begin once you do qualify, i.e., what is the "elimination period" or "waiting period?" Do you want your policy to cover all levels of care: home care, hospice care, adult day care, assisted living and nursing home? Or do you just want assisted living and nursing home coverage? How long do you want benefits to be paid once you qualify for care: 1 year, 2 years, 4 years, or lifetime? You may want to coordinate insurance benefits with assets you already have rather than paying for full insurance coverage. Once you have determined the type and extent of benefits you need, then check price. Since each policy is different, you can save time and possibly money by working with an agent who represents more than one company for long term care coverage. A good, qualified agent will assist you in answering these and other questions about long-term care coverage as well as quote you a premium amount. Call Eck Agency, Inc, 1-800-444-4911 to speak to one of our long-term care specialists |
